Akers Biosciences, Inc.

Akers Biosciences, Inc. develops, manufactures, and distributes rapid, point-of-care screening and testing products designed to bring health-related information directly to the patient or clinician. We have developed several proprietary platform technologies that provide us with product development flexibility. Our goal is to always deliver accurate, single-patient results in a time- and...

Akers Biosciences, Inc. develops, manufactures, and distributes rapid, point-of-care screening and testing products designed to bring health-related information directly to the patient or clinician. We have developed several proprietary platform technologies that provide us with product development flexibility. Our goal is to always deliver accurate, single-patient results in a time- and cost-efficient manner. All of ABI’s rapid, single-use tests are performed in vitro (outside the body) and are designed to enhance patient well-being and reduce total outcome costs of healthcare. The Company’s current product offerings and pipeline products focus on providing diagnostic or screening assistance in a wide variety of health-related fields including cardiology/emergency medicine, metabolism/nutrition, neuropsychiatry, oncology and infectious diseases, as well as for on- and off-the-job alcohol safety initiatives.

Our disruptive new testing technologies can save hundreds of thousands – to millions – of dollars for many organizations through faster screening, while at the same time improving the quality of patient care.

Some of our tests are designed to deliver rapid information directly to the user about his or her own health and wellness via a simple breath test, enabling them to take greater control over their personal wellbeing, and even allowing users to monitor trends in their health via their own mobile device, using Akers Bio’s innovative apps.

Utilizing our proprietary technologies, Akers Bio has a pipeline of new tests in development, designed to help manage some of the most prevalent and resource-intensive conditions including respiratory, infectious and cardiac diseases.

Akers Bio has a growing product portfolio, a growing sales and distribution capability, and is addressing a large and growing global market for rapid health information.

Akers Bio’s products are based on proprietary, cutting edge technologies developed by Akers Bio. We develop, manufacture and sell time- and cost -efficient, single use devices – many of which can be utilized almost anytime, anywhere. We believe that our products facilitate more convenient and frequent point-of-care testing, which may ultimately save or improve the overall quality of individuals’ lives. We make tests designed for Clinical use as well as tests for personal and commercial Safety. We also have an expanding range of tests under the Akers Wellness™ line that enable clinicians and consumers to easily test, monitor and track aspects of their health over time. Read more about these, as well as our pipeline of Tests in Development.

Clinical Diagnostics

Our rapid diagnostic tests, specifically designed for medical clinicians, help facilitate or rule-out diagnoses to allow for faster treatment decisions. They also provide affordable mass screening solutions for key infectious diseases without the use of expensive equipment or lengthy test procedures. Current clinical diagnostic tests include:

Our safety products improve the ability of individuals, corporations, and law enforcement agencies to monitor the presence of substances within the human body that may adversely impact the ability to safely perform tasks such as driving or operating machinery. Our products facilitate testing on a more consistent or frequent basis because they are simple to perform, inexpensive and provide rapid results. Current clinical diagnostic tests include:

Utilizing our proprietary technologies, Akers Bio has a pipeline of new tests in development, designed to help manage some of the most prevalent and resource-intensive conditions including respiratory, infectious and cardiac diseases. Our current pipeline includes:

(Note that these tests are not currently available and have not been approved for use by the US FDA or any other approval body)

Thomas Knox is a Philadelphia-based businessman who has owned, managed, and ultimately sold multiple profitable companies in the software, banking, and health insurance industries including Disc Systems, Inc., Crusader Bank, Gimco International, Kasser Industries and Fidelity Insurance Group. He also served as Chief Executive Officer for United HealthCare of Pennsylvania and served as Special Deputy Rehabilitator & Chief Executive Officer of Fidelity Mutual Life Insurance Co., Pennsylvania's 5th largest insurer. He was candidate for Mayor of Philadelphia in 2007 and candidate for Governor of Pennsylvania in 2010.

Raymond F. Akers Jr., Ph.D., Vice Chairman

Raymond Akers founded the company in 1989. He has vast experience in the diagnostics industry having co-founded Drug Screening Systems, Inc., a publicly listed company, in 1987 and Akers Medical Technology Inc., in 1984. He was President and Chief Executive Officer of Akers Medical Technology Inc. until 1987 and later Chief Executive Officer and Vice President of Research and Development of Drug Screening Systems, Inc. until the sale of that company in 1989. He holds a Ph.D. in Neurochemistry from Northwestern University. Dr. Akers is the inventor of the company’s platform technologies including Particle ImmunoFiltration Assay (PIFA), the basis for the company’s flagship rapid test for heparin induced thrombocytopenia (HIT).

Robert E. Andrews, Non-executive Director

Robert Andrews served as a Member of the U.S. House of Representatives from 1990 to 2014 as the Representative for New Jersey's 1st congressional district. During his time in the U.S. House of Representatives, he served on the Committee on Armed Services, Committee on the Budget, and Committee on Education and Labor, where he served as Chairman of the Subcommittee on Health, Employment, Labor, and Pensions. Robert was a candidate for the Democratic nomination in the 2008 U.S. Senate election. He retired from the House in 2014 to take the position of Counsel at Dilworth Paxson LLP where he also chairs the Government Affairs Group. He attended Cornell Law School, graduating magna cum laude in 1982.

Brandon Knox, Non-executive Director

Brandon Knox has been a wealth advisor at Raymond James in Philadelphia since 2012. His practice focuses on investment and estate solutions for high net worth families and individuals as well as public and private institutions both locally and nationally. Prior to joining Raymond James, Brandon was a wealth advisor at Morgan Stanley from 2008 to 2012. From 2006 to 2008, Brandon served as Deputy Finance Director for the Philadelphia mayoral campaign of his father, Thomas Knox. He also has experience in commercial real estate. Brandon holds a BS in Economics from West Chester University and an MBA in Financial Management from Drexel University.

Raza Bokhari M.D., Non-executive Director

Raza Bokhari has significant experience of working with life science and healthcare services companies. He is the Managing Partner of RBx Capital LP, a private equity fund focused on investing in the US laboratory testing market. Dr. Bokhari is also Chairman and CEO of Parkway Clinical Laboratories, a College of American Pathologists accredited national CLIA-certified clinical reference laboratory performing diagnostic testing procedures. Dr. Bokhari has a Doctor of Medicine degree from the University of Punjab, Rawalpindi Medical College, Pakistan, and an Executive MBA from The Fox School of Business at Temple University, PA, where he now serves as Chairman of the Executive Advisory Committee. Dr. Bokhari is frequently retained as a consultant for due diligence by private equity and venture capital funds focused on investing in life science, biotechnology and healthcare services companies.

Senior Management

John J. Gormally, Chief Executive Officer

John Gormally is an experienced medical technology specialist with a career spanning more than 30 years with the global medical technology company Becton Dickinson. He has considerable experience of managing large distribution networks as well as direct sales to hospitals and reference laboratories. Prior to joining Akers Bio in 2015, John served as Vice President, US Region Business Leader of Preanalytical Systems at Becton Dickinson where he led a multi-functional team of 92 associates in a business unit which contributed annual revenues of over $650 million. Prior to that role, John was Vice President, Worldwide Sales of Preanalytical Systems, leading a global sales function with 256 associates and annual revenues of $1.1 billion. John first joined Becton Dickinson in 1979 and climbed the sales and management ranks over twenty years within the Medical Surgical, Microbiology/Diagnostics and then Healthcare Systems divisions. John left Becton Dickinson in 1999 for several years to join Bristol-Myers Squibb Company, a global biopharmaceutical business focused on pharmaceutical and nutritional products. There he was accountable for a sales force/operations team of 226, with $450 million in annual revenue. He later joined BEI Medical Systems, a medical device start up, as Vice President, Global Sales and Marketing. John developed a successful commercial strategy and established a profitable business which was sold two years later, in 2003, to Boston Scientific for $95 million. Following the sale, John was recruited back to Becton Dickinson. John holds a B.S. Biology from DeSales University, PA.

Doug Carrara has over 25 years’ experience in the clinical diagnostics arena, particularly within sales, marketing and global operations. Doug joined Akers Bio in 2016 from Quest Diagnostics where he was the Senior Director of Strategic Accounts that led a team of directors responsible for developing and implementing strategic relationships within the acute care market. Prior to Quest Diagnostics, Doug worked for Becton Dickinson for 22 years in various leadership positions. In his last role there, as Director of Customer Solutions, Doug led a team that produced growth in revenues from a zero base to over $23 million in annual sales within a 3 year timeframe.

Tony Saporito, Vice President, US Sales and Distribution

Tony Saporito has a track record of building and leading high-performance businesses in the medical device and clinical diagnostics arenas for two decades. Prior to joining Akers Bio in 2016, Tony held the role of Strategic Account Executive with The Midmark Corporation, where he was responsible for driving new business through group purchasing organizations, integrated health systems and distribution. Prior to this role, Tony spent 10 years at ConvaTec, a former division of Bristol-Myers Squibb. In his last role there, Tony was responsible for an organization of 63 employees, generating annual revenues in excess of $65 million and averaging annual sales growth of approximately 20%.

Gary M. Rauch, Vice President, Finance

Gary Rauch has over 35 years of experience in accounting, financial and information systems consulting, discrete manufacturing, distribution and administration. He founded DataSys Solutions, LLC in 2004 specializing in financial and information systems consulting and technical support services. From 2002-2010, he was the controller for Cold Star, Inc., a manufacturer of dairy dispensing equipment and a dairy products distributor. Gary served as Vice President of Information Systems for FYI, Inc. from 1992-2001, with responsibility for software design and development and other technical services to more than 600 hospitals utilizing FYI’s medical copy services. He was a consulting manager with Deloitte Touche from 1986-1992, providing financial system selection, development and implementation services for their small to middle market clients.

Richard E. McKee, Vice President, Engineering

Richard McKee has over 40 years in product design, development and consulting for automated manufacturing equipment in the medical diagnostics, pharmaceuticals, food, glass, and automotive industries. He is an Adjunct Professor of Engineering.

Medical Advisors

Michael Warhol M.D. Chairman, Scientific Advisory Board

Dr. Michael Warhol received his undergraduate degree at Princeton University and his M.D. degree from the University of Pittsburgh. He continued his residency training in pathology at the Peter Bent Brigham Hospital, Boston, MA. Dr. Warhol served as Chairman and Director of Laboratories at Pennsylvania Hospital in Philadelphia, PA and New York Hospital Queens in New York City. Additionally he held faculty appointments at Harvard Medical School, the University of Pennsylvania Medical School and Weil Cornell Medical College. Dr. Warhol is past President of the Pennsylvania Association of Pathologists and a Fellow of the American College of Pathology. He served on the instrumentation committee of the American College of Pathology. Dr. Warhol has authored over seventy published, peer-reviewed papers.

Adam C. Sobel M.D. Director, Medical

Dr. Adam Sobel began his medical education at Jefferson Medical College in 1988. He performed his internship and residency at Thomas Jefferson University Hospital, beginning in 1992. He served as Chief Medical Resident at Jefferson for one year until June 1996. Dr. Sobel began practicing Internal Medicine in 1996 at the Benjamin Franklin Center for Wellness at Pennsylvania Hospital. He practiced there until the end of 1997 when he returned to Thomas Jefferson University Hospital. He continued in a group practice until the beginning of 2001, when he started his solo practice, Sobel Medical Associates, P.C. Dr. Sobel is currently on staff at Thomas Jefferson University Hospital, The Hospital of the University of Pennsylvania, Lankenau, Paoli, Bryn Mawr, Methodist and Pennsylvania hospitals.

Company Ownership

Insider Ownership

Director Name

Amount

% Holding

Thomas J. Knox, Ph.D. (HC), CLU, ChFC, FCPP

478,150

5.39%

Brandon Knox

124,326

1.40%

Robert E. Andrews

48,125

0.54%

Raza Bokhari M.D.

32,083

0.36%

Raymond Akers, Jr. PhD*

0

0.00%

* Dr. Akers does not directly own any shares in the Company, but is classified under AIM Rules as having a beneficial interest in a total of 72,100 shares by virtue of his wife being a trustee of the Akers Family Trust, which holds 70,000 shares, and as a result of her shareholding of 2,100 shares. These holdings represent an aggregate 0.81% of the total voting rights